Currencies

Currencies Overview

OpenAir supports multiple currencies.

All OpenAir accounts include the capability to create expense receipts in any of the supported currencies even if all your business transactions are done in the default currency for your account. Account administrators can:

• Set the default currency for the account.

• View the list of supported currencies, including the market exchange rates for these currencies (updated daily). See Viewing Exchange Rates.

• Override market exchange rates with company exchange rates. See Setting Company Exchange Rates.

If your business uses more than one currency for transactions, you can enable the Multicurrency feature. The Multicurrency feature provides support for transactions in currencies other than your default currency. For example, the feature lets you reimburse employees expenses, invoice customers, recognize revenue, and run reports in multiple currencies. After you enable the feature, you can:

• Set the different currencies your company uses for transactions. See Enabling Multiple Currencies in OpenAir

• Set a Currency for all relevant entity records and work with multiple currencies in OpenAir.

• Download historical currency cross rates as a CSV file.

Additional optional features also give you access to advanced multicurrency functionality, for example:

• The ability to modify historical currency cross rates.

  Note:

  This feature requires the Edit Exchange Cross rates optional feature to be enabled for your account, in addition to the Multicurrency feature.

• The ability to define arbitrary custom currencies for reporting purposes.

  Note:

  This feature requires the User-Defined Reporting Currencies optional feature to be enabled for your account.

To enable the Multicurrency feature and discuss advanced multicurrency functionality, contact your OpenAir account manager or OpenAir Professional Services. You cannot disable the feature after you create transactions and records that rely upon it.